​​​​AUSTIN - Austin's apartment market is as strong as ever and gearing up for another huge round of development, according to the latest Austin Multifamily Trend Report published byAustin Investor InterestsLLC. ​

Even as thousands of units have been added to the apartment inventory in the past three years, another 15,000 units are expected to be delivered in 2016. ​

In general, 2015 was a stellar year for conventional multifamily development with high occupancy across all types of product and a continued upward trek in rents.

Studio units—usually less than 500 sf—appear to be the product most in demand with rents increasing 9.3 percent annually or about $83 per month.

​"Look for 2016 to bring about additional sales, rent challenges in pockets, heightened completions and positive absorption to continue."

Optimism continues, but there are some signs of concern.

A significant percentage of developers are selling projects quickly after completion, indicating they may not be bullish about long hold prospects.

Similarly, investors of older products are initiating renovations immediately after purchase with the intent to resell the property after a short hold.